2022-09-06 9:20 CET, Europe, Benelux, Germany | Investment Management | Press release
Catella European Residential III Fund (CER III) has acquired a residential development project in Zoetermeer, near The Hague for €55 million through a forward-funding transaction. The new-built high-rise in Zoetermeer city centre will offer 134 spacious apartments primarily targeting the substantially underserved affordable mid-range rental sector.
The project was acquired by Maastricht-based Catella Investment Management Benelux (CIMB) from developer De Maese on behalf of CER III. CER III is an Impact Fund focusing on environmentally friendly and affordable housing and is managed by Berlin-based Catella Residential Investment Management (CRIM).
Paul van Stiphout, Fund Manager CER III at CRIM, said: “Many cities located in the west of the Netherlands lack this sort of affordable housing in the mid-range rental sector. This new residential development marks the first transaction in the affordable housing investment programme of the city of Zoetermeer. And affordable doesn’t mean cheap - the building will be beautifully finished to a very high standard. CER III continues to pursue a longer-term pan-European strategy of investing in environmentally friendly, high-quality, affordable, and well-located residential assets. This property ticks all the boxes in terms of affordability and social impact and will be a strong contributor to the Fund’s overall performance.”
The new development will meet the EU’s ‘do no significant harm’ (DNSH) environmental criteria through biodiversity features such as green facades and digital tenant water-usage monitoring systems used to mitigate waste.
A communal space will be created on the ground floor that will be available free of charge to tenants for meetings as a way of enhancing liveability at street level and stimulating social cohesion.
Thanks to these and other measures, the project will contribute to several Sustainable Development Goals (SDGs) as defined by the United Nations, such as “Sustainable cities and communities”, “Affordable and clean energy” and “Climate action”.
Jac Huijsmans, Senior Acquisition Manager at CIMB, added: “We will invest an extra €1million from CER III to achieve further reductions in carbon emissions and energy consumption. We are going above and beyond the Dutch BENG energy performance requirements, by taking responsibility and trying to maximize our positive impact. We’ve also set a self-imposed target to proactively offer mid-range rental apartments to current social housing tenants elsewhere in the city to free up their rent-controlled homes for people who are entitled to them. This project proves yet again that high-quality affordable housing is possible, and we are leading the way at Catella, also in Zoetermeer.”
The newly built project is located on the corner of the Luxemburglaan and Europaweg, in Zoetermeer’s city centre. The complex will benefit from excellent amenities with a full retail offering and strong public transport connections to the wider Randstad area, and The Hague specifically located right at its doorstep.
Upon completion, the residential tower will comprise a diverse mix of homes including one-, two- and three-bedroom units. It will also accommodate three ground-floor commercial units totalling 165 sqm, and a parking garage for residents with 97 parking spaces.
CMS acted as legal advisor and SGS provided technical support for Catella.
About Catella Investment Management Benelux (CIMB)
Catella Investment Management Benelux (CIMB) is a member of the Catella European residential network alliance and the local office that offers fund, acquisition and asset management for all Catella-managed funds with an allocation to the Benelux region. CIMB has a broad real estate portfolio with some 75% invested in residential property and the balance in commercial assets. CIMB currently has about €1.5 billion in assets under management in the Benelux.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 and its first dedicated European Student Housing Fund in 2013. CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of more than €7 billion across 11 European countries.
For more information:
Catella Residential Investment Management GmbH (CRIM)
Stine Zöchling
Head of Marketing and PR European Residential
Office: +49 (0)30 887 285 29 76
Mobile: +49 (0)151 544 51 005
stine.zoechling@catella-residential.com
Samuel Rhydderch
Bellier Communications
Office: +31 (0)20 419 0901
Mobile: +31 (0)619133864
sam.rhydderch@bellierfinancial.com
